There have been a seemingly unending number of reports and executive speeches about how the insurance industry needs to automate its business processes or risk the consequences of losing customers. This need to automate runs the gamut of the customer journey. In short, it covers how best to handle inbound customer inquiries and outbound marketing initiatives in an omnichannel world. It also involves the transformation of back office systems and the ability to share information and use sophisticated analytics to improve operational efficiency and effectiveness.
An example of state-of-the-art multi-channel engagement automation recently was illustrated with the announcement that Transact platform of multi-channel digital sales engagement specialists, Avoka, was selected by ANV Global (ANV), a provider of specialty insurance worldwide, to enhance the company’s online rating, quoting, and binding of policies.
The selection of Avoka was done after a comprehensive evaluation process, and success was achieved by virtue of its ability to simplify the quoting process for ANV’s products for small and medium sized business (SMBs) for the reduction of response times.
This is about empowering people who touch customers. The Avoka solution will enable ANV to process underwriting applications from both desktops and mobile devices. As noted in the announcement of the deal, ANV’s first use of the Avoka platform will be employed for its U.S.-based cyber and media business for SMBs. ANV will be able to create a clean, unified, easy-to-use front-end to enhance the user’s experience for this product and for other more complex insurance transactions. In fact, the ease of use and flexibility of the Avoka solution was a major selection benefit as the platform is seen as the way for ANV to reduce time to market of new offerings down the road.
For those not familiar with Avoka, founded in 2002, the company has been in the business process automation business doing such things as transforming legacy paper, PDF and web forms into multi-channel engagement applications. The Avoka Transact platform is used to automate processes such as applying for credit cards, personal loans or government services. The platform comes with sophisticated analytics and a track record for reducing customer abandonment rates, increasing sales and improving the customer experience. Avoka says that it has digitized over 100 million transactions for 150+ global clients.
“ANV Group is committed to providing the highest level of service for our partners and customers, and our ability to offer leading technology to promote innovation and excellence in underwriting is a core objective. Avoka has helped us increase the number and type of insurance products we offer and has opened the door to expand into new markets. Avoka’s clean, easy-to-use technology enabled us to increase efficiency, reduce time-to-market and dramatically improve our producer and customer experience in just two short months,” said Erich Bublitz, Technology and Underwriting Executive at ANV Group.
ANV’s automation of what is a global insurance specialty business is of interest here. The company focuses on underwriting unusual areas of risk. In fact, the focus on policies for cyber and media is one huge growth area. As the headlines scream, the need for insuring against the risks posed by bad actors online is unfortunately, but rightfully, a top C-level concern around the world.
“The business impact from cyber attacks in 2014 has created a demand for cyber insurance products for which ANV is in a prime position to address,” said Philip Copeland, CEO, Avoka. “As ANV looked to deliver on that market need, they realized that flexibility and agility would be key to the customer journey. We’re delighted that ANV has chosen Avoka to help deliver an unparalleled customer experience.”
While competitors may be waiting on transforming their business processes, ANV for one has invested in capabilities that address its needs to engage its customers more quickly and responsively throughout the lifecycle of the customer journey.
Edited by Dominick Sorrentino